Thunderstruck Announces Conclusion of Earn-In Agreement Return to 100% Ownership of Korokayiu Zinc/Copper Asset
Thunderstruck Announces Conclusion of
Earn-In Agreement Return to 100% Ownership
of Korokayiu Zinc/Copper Asset
Vancouver, British Columbia--(Newsfile Corp. - March 9, 2022) -
Thunderstruck Resources Ltd.
(TSXV: AWE) (The "Company") President/CEO Bryce Bradley announces the conclusion of
Thunderstruck's earn-in agreement (the "Agreement") with Japan Oil, Gas and Metals National
Corporation ("JOGMEC") on the Company's Korokayiu VMS prospect in Fiji.
Thunderstruck and JOGMEC announced on
February 28, 2019
a joint venture agreement to explore
Thunderstruck's Korokayiu base metals asset, with CDN$3.5 million in exploration expenditures by
JOGMEC to earn 70% of the Company's zinc/copper prospect.
In the past three years, Thunderstruck has completed 1.6 km of diamond drilling across 16 holes at
Korokayiu. Highlights of this drilling program include 11m at
13.77% Zn, 2.94% Cu, 113.7 g/t Ag, 1.08
g/t Au
and 10.55m at
9.51% Zn, 54.5 g/t Ag and 0.48 g/t Au
. Additionally, mapping, geophysical and
geochemical surveys have expanded existing targets and identified new targets for drilling at seven new
sites over a seven-kilometer strike area. These new targets include significant soil geochemical
anomalies up to 21.84 g/t Ag , 0.96% Zn and 0.41% Cu. (
see January 30, 2020 news release
)
Despite the encouraging results from the program, JOGMEC has determined that there is insufficient
data to establish a mineral resource within the allocated time frame to currently justify a formal joint
venture.
JOGMEC has surrendered its option to acquire 70% of the Korokayiu prospect, which now returns to
Thunderstruck as a 100% wholly-owned exploration license.
Thunderstruck will retain all of the
geological, geochemical, and geophysical data collected during the three years of exploration.
"JOGMEC is an exceptional exploration partner, and we benefited from a close, productive relationship
with them advancing our Korokayiu zinc/copper prospect," said Bryce Bradley. "We're delighted that
JOGMEC has expressed its wish to work with us in future, and as such we will keep them apprised of
our progress in the hopes of resuming our mutually beneficial relationship."
"With the Korokayiu license back as a 100% Thunderstruck-owned asset," Bradley continued, "we will
be pursuing the gold and silver targets that were identified but not part of JOGMEC's base metal
exploration mandate, in addition to following up on the base metal mineralisation that was identified by
this program.
We will review the data and the results acquired over the past three years to determine our
next steps."
About Fiji
Fiji is on the Pacific Ring Of Fire, a prolific trend that has produced numerous large gold and copper
deposits, including Porgera, Lihir and Grasberg.
Viti Levu, the main island of Fiji, has a long mining history. It hosts not only the Thunderstruck tenements,
but also the following active projects:
Namosi (Copper/Gold) Newcrest published proven and probable reserves of 1.3 billion tonnes at
0.37%Cu and 0.12g/t Au (5.2M ounces Au and 4.9M tonnes Cu).
Tuvatu (Gold) Indicated Resources of 1 million tonnes at 8.48 g/t Au (274,600 ounces Au), and Inferred
Resources of 1.33 million tonnes at 9.0 g/t Au (384,000 ounces Au) reported at a 3.0 g/t Au lower cut-off.
Vatukoula Gold Mines: Formerly known as the Emperor Gold Mine has been operating for over 80 years,
producing in excess of 7 million ounces of Au to date.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled extensive and
highly prospective properties in Fiji on which recent and previous exploration has confirmed zinc, copper
and precious metals mineralization. The Company provides investors with exposure to a diverse
portfolio of exploration stage projects with potential for zinc, copper, gold and silver in a politically safe
and stable jurisdiction. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the
symbol "AWE" and United States OTC under the symbol "THURF."
For additional information, please contact:
Rob Christl, VP Business Development and Investor Relations
Email:
P: 778 840-7180
or, visit our website:
http://www.thunderstruck.ca
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains certain statements that may be deemed "forward-looking statements".
Although Thunderstruck believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and
actual results may differ materially from those in forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of Thunderstruck's management on the
date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to
update these forward-looking statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/116172